San Francisco — Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property located in Bellevue, Washington on November 6, 2020 for a purchase price of approximately $11.7 million.
The property consists of one industrial flex building containing approximately 39,000 square feet on 2.1 acres. The property is at 13150 SE 32nd Street, adjacent to the intersection of I-90 and I-405, provides one dock-high loading position and parking for 80 cars. The property is 100 percent leased to one tenant. The estimated stabilized cap rate of the property is 4.9 percent
Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized to market occupancy (generally 95 percent) divided by total acquisition cost. Total acquisition cost includes the initial purchase price, the effects of marking assumed debt to market, buyer’s due diligence and closing costs, estimated near-term capital expenditures and leasing costs necessary to achieve stabilization.
Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami, and Washington, D.C.